• The stock market rallied strongly in the year following President Trump’s first election.  HOWEVER, the S&P 500 was trading at 18x forward earnings and 1.8x sales on Election Day in 2016.  Today, it’s at 22x and 3x respectively.  Therefore, investors should be careful in assuming that this morning’s rally in the stock market is something that will continue as we move through the rest of this year…and into 2025. 

 

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